{"id":48267,"date":"2024-11-02T13:08:00","date_gmt":"2024-11-02T17:08:00","guid":{"rendered":"https:\/\/www.prepareforcanada.com\/?p=48267"},"modified":"2025-05-08T11:17:07","modified_gmt":"2025-05-08T15:17:07","slug":"homesharing-can-help-newcomer-homeowners-deal-with-rising-expenses","status":"publish","type":"post","link":"https:\/\/prepareforcanada.com\/blog\/housing\/homesharing-can-help-newcomer-homeowners-deal-with-rising-expenses","title":{"rendered":"Homesharing Helps Homeowners Deal with Rising Expenses"},"content":{"rendered":"\n

For homeowners in Canada with a mortgage to pay and spare rooms to rent, becoming a homesharing host can help solve financial and personal needs. All homeowners quickly discover that homeownership comes with costly expenses, including the mortgage, insurance, monthly maintenance, and daily living expenses. Despite the costs, homeownership remains the goal of young Canadians and newcomers, even with the high home prices and mortgage rates, according to a recent Scotiabank survey<\/a>. Renting out that spare room and welcoming housemates as a home share host can help lower your monthly homeownership costs.<\/p>\n\n\n\n

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Discover the benefits of becoming a homesharing host and how to do it!<\/p>\n\n\n\n

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Being a home<\/em><\/strong>sharing <\/strong><\/em>host in Canada can help you with mortgage costs.<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n

Homesharing Can Reduce Homeownership Expenses<\/strong><\/h2>\n\n\n\n
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Renting out a spare room can bring Canadian homeowners valuable extra income via home share to help pay their mortgage and bills. Becoming a home share host is a solution that can bring financial relief, whether you\u2019re an empty nester, a struggling young homeowner, or a newcomer to Canada homeowner. It also enables homeowners to make new friends and gain companionship.<\/p>\n\n\n\n

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The 1.4 million Canadians who got a mortgage in 2020 or 2021 may have seen their median monthly mortgage cost increase by $420, or 30%, upon renewal. Even though the Bank of Canada continues to lower interest rates, many homeowners renewed their mortgages when or just after the rate reached a high of 5% in 2023.<\/p>\n\n\n\n

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Renting out a spare room can ease that financial pressure. It also provides affordable home-share rental option for newcomers <\/a>and international students.<\/p>\n\n\n\n

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Renting your first home in Canada | Options & solutions for newcomers<\/h3>\n

Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!<\/p>\n REGISTER FOR THE WEBINAR \n \n <\/svg>\n <\/a>\n <\/article>\n

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What is Homesharing?<\/strong><\/h2>\n\n\n\n
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Homesharing hosts rent spare bedrooms to long-term housemates for rent (and possibly help around the house and companionship). While the homesharing concept isn’t new, Prepare for Canada and Sparrow Share have partnered<\/a> to offer a unique and fulfilling path for Canadian homeowners to become homesharing hosts.<\/a> <\/p>\n\n\n\n

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Sparrow estimates that there are over 12 million empty bedrooms <\/strong>across Canada. <\/p>\n<\/div>\n\n\n\n

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Homesharing in Canada Made Easy<\/strong><\/h2>\n\n\n\n
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Canada will welcome 395,000 immigrants in 2025 and 380,000 in 2026. That’s in addition to tens of thousands of international students and temporary foreign workers looking for affordable housing. Rental demand and rent asking prices nationwide remain high for renters.<\/p>\n\n\n\n

Homesharing, done right, is a safe, reliable, hassle-free process that benefits both hosts and renters.<\/p>\n\n\n\n

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People under 30 form the majority of housemates in Canada.<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n

Homesharing in Canada Means More Rentals<\/strong><\/h2>\n\n\n\n
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In Ontario, it’s estimated that more than half of residents, and three-quarters of those over 65, live in houses larger than they need. According to the Canadian Centre for Economic Analysis, that adds up to five million spare bedrooms across Canada\u2019s largest province.<\/p>\n\n\n\n

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Sparrow Expertly Matches Hosts and Housemates<\/strong><\/h2>\n\n\n\n
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Oren Singer, the co-founder and CEO of Sparrow, says Canada needs “to do a better job of making it easier and safer for newcomers to find good housing options in Canada.” “There’s a ton of underutilized housing space in the form of spare rooms and basements,” said Singer.<\/p>\n\n\n\n

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Making Sure Homeowners Get the Right Price<\/strong><\/h2>\n\n\n\n
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Dave Frattini, Managing Partner of Prepare for Canada and Rentals for Newcomers, says the Prepare for Canada\/Sparrow initiative offers a simple, turnkey homesharing service to help homeowner hosts find a pool of compatible housemates.<\/p>\n\n\n\n

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To ensure accountability, Sparrow verifies every potential renter through background, credit, and income checks. Their matching algorithm finds renters who complement the homeowner\u2019s lifestyle.<\/p>\n\n\n\n

Sparrow also ensures that the homeowner\u2019s room rental is the optimal price. They collect and report rent payments to credit bureaus to motivate renters to pay on time.<\/p>\n\n\n\n

Housemates can rent a room for as little as two months or up to a year.<\/p>\n\n\n\n

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We’re on a mission to help newcomers enter the rental market faster and easier by connecting them with homeowners and newcomer allies.
<\/p>Dave Frattini, Prepare for Canada<\/cite><\/blockquote><\/figure>\n\n\n\n

Homeowners who want to become homesharing hosts can list their rentals and create a profile for free. A service fee for hosts is only charged once the host has received the first rental payment from the housemate.<\/p>\n\n\n\n

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The host service fee (a one-time-only charge) ranges from 1\/4 \u2013 1 month’s rent, depending on the length of the homesharing contract. There are no service fees for housemates.<\/p>\n\n\n\n

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TERM LENGTH<\/th>ONE TIME ONLY HOST SERVICE FEE<\/th><\/tr><\/thead>
1 -3 months<\/td>1\/4 month’s rent<\/td><\/tr>
4 – 5 months<\/td>1\/2 month’s rent<\/td><\/tr>
6 – 9 months<\/td>3\/4 month’s rent<\/td><\/tr>
10 – 12 months<\/td>1 month’s rent<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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Benefits for Canada Homesharing Hosts: <\/strong><\/h2>\n\n\n\n
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Becoming a homesharing host offers many benefits, including:<\/p>\n\n\n\n